25 July 2008 04:15 [Source: ICIS news]
SINGAPORE (ICIS news)--Japan’s Nihon Oxirane Co has nominated its August styrene monomer (SM) contract price at $1,700/tonne CFR (cost and freight) Asia, a rollover from the July number, a company source said on Friday.
Spot SM values fluctuated around $1,600-1,640/tonne CFR China in the second half of July as demand in the domestic market continued to falter, according to price data from global chemical market intelligence service ICIS pricing.
High feedstock cost has prompted several Japanese SM manufacturers to reduce operating rates. Nihon Oxirane had kept its plant at reduced rates of around 90% since April.
The company could cut operating rates further in the near term, although no firm decision has been reached yet.
“Our SM operation is facing poor margins,” the source added.
Nihon Oxirane, a joint venture of
For more on SM,
To discuss issues facing the chemical industry, go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|